Geelong’s median house price climbed 13.6 per cent in 12 months to $670,000.
Harcourts, North Geelong agent Shane King said the time on market had dropped so rapidly because the amount of buyers househunting was huge while stock remained under-supplied.
“We’re talking 20-25 per cent less stock than what we traditionally see,” Mr King said.
“Good properties are running out the door and delivering huge prices as well.”
Houses in Thomson were selling the fastest in Geelong, taking a median of 15 days. Houses were being snapped up in less than three weeks in Breakwater, Marshall, Bell Post Hill and Grovedale.
Sales in another 10 suburbs took less than a typical four-week auction campaign.
Mr King said there has been a spike in offers for properties sight unseen, especially since Melbourne entered it’s fourth lockdown.
But city buyers were leaning on family and friends to scout properties, relying on video walk-throughs to give them the confidence to make an offer.
Maxwell Collins, Geelong agent Eugene Carroll said fastest-selling suburbs were affordable entry-points.
“They are price driven. The more affordable entry points into the market and well priced so we find if we do have any private sales in those suburbs, we’ll get multiple offers and quite often it will go above the quoted range,” he said.